http://www.abs-cbnnews.com/storypage.aspx?StoryId=90440 SYDNEY - Australian-listed Lafayette Mining Ltd. said on Thursday it had asked key stakeholders for short-term financial support to ensure the sustainability of its Rapu Rapu mine in the Philippines.
In requesting a temporary halt in the trading of its shares, Lafayette said it was awaiting a response from the stakeholders.
"This support is considered critical to allow the company time to explore its previously announced need to restructure its project debt and hedging obligations with the aim of ensuring the financial sustainability of the Rapu Rapu project," Lafayette said in a statement.
Rapu Rapu, located 350 kilometres (222 miles) southeast of the Philippine capital Manila, was the first foreign-owned mine to open in the country after the Supreme Court in December 2004 upheld a law allowing full foreign ownership of local mining projects.
However, it has been beset by problems, having been forced to close after cyanide spills in October 2005, and was further delayed by typhoon damage in late 2006. - Reuters
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